Silicon Valley’s 500 Startups Sets Sights on Vietnam

Silicon Valley’s 500 Startups is starting a fund to pump money into Vietnam, a sign that some foreign investors believe the communist state’s technology scene is set to blossom.

The Mountain View, Calif.-based seed investor and startup incubator said Tuesday that it aims to invest $10 million in some 100 to 150 startups in the fast-growing country.

“I’ve been watching the tech scene here since 2010, and back then it was way too early” to invest, Eddie Thai, a 500 Startups venture partner, told The Wall Street Journal Tuesday at an event to launch the fund in Ho Chi Minh City.